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Article: US Economy Up at 5.8 Percent Rate in 1st Quarter
- Article from:
- Xinhua News Agency
- Article date:
- May 30, 1997
CopyrightCopyright 1997 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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The U.S. economic growth surged at a 5.8 percent annual rate in
the first quarter of this year, the best in a decade, the U.S.
Commerce Department reported today.
The seasonally adjusted annual growth rate in the gross domestic
product (GDP) was quicker than the U.S. government's first estimate
of a rate of 5.6 percent and the highest pace since the fourth
quarter of 1987.
The report showed that the upward revision resulted mainly from a
larger exports than originally thought and businesses built their
inventories at a faster rate.
Those two changes more than offset a downward revision in consumer